Flywire Expands Into International B2B Payments
We are well acquainted with Flywire by now. They are a major provider of international payment solutions, specifically for education and healthcare institutions.
Recently it made the announcement that its entry into the trillion dollar plus, global B2B payment processing and receivables market. The company will leverage its online platform to complete cross-border B2B transactions more efficiently and more transparent for businesses across a number of industries.
Flywire at the present time is processing billions of dollars every year in the international payments space. At this juncture, the company is going further to use its platform to connect all the entities involved in cross-border B2B transactions around the globe.
Flywire is targeting several business segments such as travel, publishing, luxury goods, business services and more-with several deployments already underway.
With economies expanding to fit the global demand, international payments remains diverse, costly, and non-transparent and difficult to recibcuke for payers and receivers alike. Obviously this makes life for international business professionals increasingly difficult as well as their customers on many levels, but here’s just a few according to the good people at Flywire who informed us:
- Slow, unpredictable processing times hurt cash flow and impede growth.
- A lack of transparency creates frequent manual errors increasing operational costs and hurting customer satisfaction.
- Hidden unnecessary fees and unpredictable FX rates cost companies and their customers millions of dollars every year.
- Businesses trying to expand into new countries spend unnecessary time and cost setting up international payment infrastructure, distracting from their core business.
- Country-specific regulatory restrictions add additional complexity and costs.
“If you’re a business trying to expand internationally, and want to sell to different countries, you require local bank accounts, certifications, relationships and more in each country to be able to accept payments from your customers,” said Mike Massaro, CEO of Flywire. “This is complex and time-consuming and makes it unnecessarily difficult for your customers to do business with you. We’re able to eliminate all of this friction and make the receipt of international payments as easy as domestic payments for any type of business.”